Daily Market Review – 14/09/2016
British economic statistic is the main market mover today
The GBP fell slightly against the JPY yesterday, as the UK CPI came out lower than expected. Meanwhile, Japan’s industrial production report was published this morning. The data was worse than what forecasts had expected, which has put some pressure on the Japanese currency.
The pair’s dynamics for the remainder of the day will depend on the publication on the British labor market data at 08:30 (GMT). At the same time, market participants are waiting for tomorrow’s Bank of England monetary policy meeting.
Resistance: 136.433, 137.115, 138.012
Support: 135.146, 134.443, 133.330
The pair grew yesterday, as traders are anticipating monetary policy tightening measures from the Fed. The negative trend in oil market additionally weakened the Canadian currency.
The current pair’s dynamics will depend on the USD and on oil fluctuations. Today at 14:30 (GMT) the Energy Ministry will publish a report on US crude inventories.
Resistance: 1.31883, 1.32243, 1.32503
Support: 1.31217, 1.30782, 1.30270
Major European stocks decreased yesterday. The primary reason was the drop in the shares of mining and energy companies. Additionally, investors have doubts regarding the ability of the central banks to continue their stimulus measures. At the same time, British inflation data was below analysts’ expectations. This put some pressure on market.
Today, UK labor market data and Eurozone industrial production will impact the market.
Resistance: 6683.40, 6705.20, 6724.60
Support: 6647.40, 6628.00, 6610.00
Gold traded downwards yesterday, the USD growing thanks to speeches by Fed leaders. Meanwhile, gold’s decrease can be stopped if it becomes clear that the Fed will not raise the interest rates in the near future. Today’s dynamics will depend on the US currency and on the situation of the global stock markets.
Resistance: 1325.00, 13310.83, 1339.32
Support: 1317.51, 1310.84, 1304.09